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UCC Capital secures financing for apparel brand Mudd
04 Apr '06
3 min read
UCC Capital Corporation ('UCC'), an industry leader in middle market lending secured by intellectual property, has secured the financing for and acted as merger and acquisition advisor in connection with the acquisition by the Iconix Brand Group Inc of the well known apparel brand, Mudd.
The acquisition is expected to close this month following clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Iconix will acquire the brand for $88 million, comprised of 50 percent cash and 50 percent stock, thereby adding to its portfolio of other brands acquired through financings structured by UCC over the past three and a half years.
President and CEO of UCC, Robert D'Loren stated, "Iconix has been able to create a value net business model platform in the apparel industry by leveraging its brands through debt financings and strategic advisory services provided by UCC."
D' Loren continued, "A spectacular brand like Mudd is a great addition to the Iconix portfolio of brands. This is a success story and a formula that UCC believes can be repeated not only in this industry, but in the whole range of consumer branded products sectors."
UCC and Iconix have worked together in the past with respect to Iconix's asset-backed securitization of Candie's and Bongo trademarks in August 2002, the Badgley Mischka trademark in October 2004, the Joe Boxer trademark in July 2005, and the Rampage trademark in September 2005.
Neil Cole, CEO of Iconix stated, "UCC's knowledge and expertise have helped us structure financings in an innovative way that has allowed us to fully capitalize on our assets. They have been a great strategic partner in helping us build our business."
The acquisition is expected to close this month following clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Iconix will acquire the brand for $88 million, comprised of 50 percent cash and 50 percent stock, thereby adding to its portfolio of other brands acquired through financings structured by UCC over the past three and a half years.
President and CEO of UCC, Robert D'Loren stated, "Iconix has been able to create a value net business model platform in the apparel industry by leveraging its brands through debt financings and strategic advisory services provided by UCC."
D' Loren continued, "A spectacular brand like Mudd is a great addition to the Iconix portfolio of brands. This is a success story and a formula that UCC believes can be repeated not only in this industry, but in the whole range of consumer branded products sectors."
UCC and Iconix have worked together in the past with respect to Iconix's asset-backed securitization of Candie's and Bongo trademarks in August 2002, the Badgley Mischka trademark in October 2004, the Joe Boxer trademark in July 2005, and the Rampage trademark in September 2005.
Neil Cole, CEO of Iconix stated, "UCC's knowledge and expertise have helped us structure financings in an innovative way that has allowed us to fully capitalize on our assets. They have been a great strategic partner in helping us build our business."
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